Interactive music/entertainment platform touch tunes We are entering the mobile payment field.
The company on Thursday (March 14) Announcing the launch of FunWalletis a cashless mobile payment platform that allows users to pay for on-site amusement machines, such as pool tables and digital dartboards.
“FunWallet allows users to pay for in-venue entertainment using TouchTunes mobile app credits,” the company said in a news release. “The new platform will be available for free on any internet-connected machine or payment device. Additionally, low-cost retrofit kits will be available for machines that are not yet connected.”
According to the release, FunWallet offers business owners the opportunity to increase revenue and reduce costs, while allowing consumers to enjoy social gatherings at restaurants and bars with more convenient payment options.
“because digital wallet “Not only does it store encrypted debit and credit card information, it also provides consumers with a more secure way to shop and shop,” PYMNTS wrote on Thursday. “Convenience is also an important feature when shopping online, as digital wallets eliminate the need to enter card details at checkout.”
This is despite the fact that the use of digital wallets decreases as consumers age, with 26% of baby boomers and older adults adopting this technology, while 79% of Gen Z consumers use this technology to make payments. It might help explain why you're using the method you're using.
That's according to research “Tracking Digital Payment Takeovers: Can New Use Cases Drive Consumer Use of Digital Wallets?” A collaboration between PYMNTS Intelligence and Amazon Web Services.
However, the report also shows that digital wallet users spend more, up to a third more, than consumers who use more traditional payment methods for all purchases.
As a result of the research, average retail purchase Digital wallet users spend $95 per purchase, while non-digital wallet users spend $81 per purchase. Additionally, the data showed that this spending increase was particularly consistent across his three categories. The average digital wallet user spent about 4% more on groceries, 17% more on retail, and 33% more on restaurants.
In the travel sector, the trend is less clear. For example, a study from last October showed that consumers who don't use digital wallets spend more on travel than those who do. However, in November, digital wallet users outspent non-users' travel spending by 22%, suggesting that, at least for now, consumers are splitting big-ticket purchases about evenly between payment options. are doing.
“In any case, the trend of digital wallet users spending more suggests that retailers, especially restaurant owners, may want to consider catering to these consumers, especially Gen Z. PYMNTS writes.